Hide News  Precious metals mark their lowest settlements of the month
Apr 23, 2015  09:04

Bullion prices marked their lowest settlements of the month on Wednesday, 22 April 2015 as some upbeat U.S. economic data and strength in the stock market helped to dull the metals' investment appeal. A positive U.S. existing home sales report also prompted downside price pressure on the metals.

Gold for June delivery on Comex fell $16.20, or 1.4%, to settle at $1,186.90 an ounce.

May silver dropped 21.2 cents, or 1.3%, to $15.796 an ounce.

Gold prices extended early losses when it was reported U.S. existing home sales rose at the strongest pace in a year and a half in March. The U.S. dollar index rebounded will off its low on the news, and the gold market in turn extended its early losses. The housing news also falls into the camp of those Fed watchers who expect a U.S. interest rate cut coming sooner rather than later. Still, recent U.S. economic data has been a mixed bag overall�either stronger or weaker than market forecasts.

Existing home sales for March were reported to have increased 6.1% from February to an annualized rate of 5.19 million units while the consensus expected a reading of 5.05 million. Separately, the FHFA Housing Price Index for February rose 0.7%, which followed an unrevised increase of 0.3% in January. Also, the weekly MBA Mortgage Index rose 2.3% to follow last week's 2.3% decline.

The other key �outside market� saw crude oil prices slightly lower.

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